The cryptocurrency world is buzzing with excitement as Peanut the Squirrel (PNUT), a Solana-based meme coin inspired by a real-life internet sensation, has skyrocketed 19% in a single hour following the news that Coinbase, a leading cryptocurrency exchange, plans to list it for trading. This furry finance phenomenon emerged after the unfortunate demise of the internet-famous squirrel, which was euthanized by New York state authorities over rabies concerns.
From Squirrel to Millionaire: PNUT Trader’s Incredible Journey
PNUT’s market capitalization has now surged to an impressive $1.27 billion, reflecting a 27% daily increase. This news has ignited a frenzy within the crypto community, positioning Peanut the Squirrel alongside other successful meme coins like Mog Coin (MOG) and Gigachad (GIGA) that have recently experienced significant growth following Coinbase listings.
Despite the current surge, Peanut the Squirrel still trails behind its all-time high of $2.44, achieved on November 14, just three days after its listing on the prominent global exchange Binance. Nevertheless, with a market cap of $1.27 billion, PNUT reigns supreme as the most valuable coin ever launched on Pump.fun, a popular Solana-based platform that has witnessed the emergence of over four million meme coins this year.
📰 Peanut the Squirrel Meme Coin Surges on Coinbase Listing News
🟠 Coinbase plans to list PNUT, a meme coin inspired by the viral squirrel, leading to a 20% price surge.
🟠 24-hour trading volume exceeded $1.2 billion, highlighting strong market interest.
🟠 PNUT’s market cap… pic.twitter.com/jxkkgGA7k5— Bitcoinsensus (@Bitcoinsensus) December 11, 2024
Coinbase Listing Sends Peanut the Squirrel to the Moon
Coinbase, once renowned for its cautious approach towards meme coin listings, has notably shifted its stance in recent times. This change in direction aligns with the evolving cryptocurrency landscape and has garnered significant attention within the industry. The exchange’s commitment to providing its customers with the products and services they desire has been a driving force behind this strategic shift.
The “Coinbase Effect” – a well-documented phenomenon observed since 2019 – has consistently demonstrated that listing announcements on the platform can trigger substantial price increases for cryptocurrencies. MOG Coin, for example, witnessed a 20% surge immediately following its listing announcement on Coinbase, further solidifying its position as a prominent player in the meme coin market.
Gigachad (GIGA), another prominent meme coin, experienced a similar surge after its roadmap announcement on Coinbase. However, after an initial spike, its price faced a temporary decline. Recently, GIGA has witnessed a resurgence, with a remarkable 42% increase in the past 24 hours, ultimately reaching a new all-time high of $0.077. This resurgence coincided with Coinbase users gaining access to the token, further underscoring the influence of Coinbase listings on market dynamics.
The story of Peanut the Squirrel underscores the unpredictable and exhilarating nature of the cryptocurrency market. While some traders have reaped substantial rewards, often amassing fortunes within weeks, the meme coin market is inherently volatile and carries significant risks. Investors are urged to proceed with caution and conduct thorough research before engaging in meme coin trading, as rapid price fluctuations can lead to substantial losses.
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